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💥 Nigerian Fintech PayDay Considering Sale After $3M Raise

💥 Nigerian Fintech PayDay Considering Sale After $3M Raise

#business
#fintech
#startup
#payments
#HR-Payroll
Six months after raising $3 million in a seed round led by Moniepoint, the Nigerian fintech startup Payday is actively speaking to buyers. Favour Ori, the startup’s CEO, confirmed that PayDay is entertaining conversations with potential acquirers. “Active conversations are being had with people who reached out and expressed interest in buying,” Favour told TechCabal.

Nigerian fintech firm PayDay, six months after securing a $3 million seed round led by Moniepoint, is in active talks for a potential sale. CEO Favour Ori confirmed ongoing discussions with interested buyers. In March, rumors of Moniepoint's acquisition surfaced but didn't materialize. Despite setbacks, talks continue.


📉 A Wave of Challenges 🌊


PayDay faced adversity, including negative press related to account restrictions due to fraudulent activities. Internal issues like salary cuts for Nigerian staff and the departure of key personnel added complexity. The company's CEO, Favour Ori, faced criticism for making impulsive decisions without prior team knowledge.


🔍 Looking for a Buyer 🧐


PayDay's management is actively seeking a buyer for the fintech company, despite internal and external challenges. While Favour Ori has reduced his involvement, the search for a suitable buyer continues.


#Fintech #Nigeria #BusinessNews #Startups #AcquisitionOpportunity


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